MO SB923

Repeals and reenacts sections 135.350, 135.352, 253.550, 253.557, and 253.559 relating to Missouri low-income housing and historic property rehabilitation tax credits.

For low-income housing tax credits: establishes a $100 million annual cap (beginning July 1, 2014) for projects not financed through tax-exempt bonds and a $10 million annual cap for projects financed through tax-exempt bonds.

For historic property rehabilitation tax credits: establishes an $80 million annual cap (beginning July 1, 2014) for projects receiving less than $275,000 in credits, with a separate $10 million annual cap for smaller projects.

Prohibits taxpayers receiving low-income housing credits under sections 135.350 to 135.363 from also receiving historic rehabilitation credits under sections 253.545 to 253.559 for the same project, unless the project is financed through tax-exempt bonds.

Requires the Department of Economic Development to propose implementation rules by January 1, 2015, following a stakeholder process, with provisions making the rules subject to legislative review under Chapter 536.